82 million £1 coins need to be spent or handed in across the South-East

The new �1 coin will come into circulation at the end of March. All existing �1 coins must be spent or banked by October 31.'CAPTION: The new �1 coin will come into circulation at the end of March PPP-170220-154602001

Published:15:36Wednesday 01 March 2017

Share this article

People in the South-East are being encouraged to gear up for the launch of the new 12-sided £1 coin in just one month by spending the old round pounds or returning them to the bank.

New YouGov data reveals that over 82 million £1 coins are currently stashed away in piggy banks, jars and purses across the region.

The Royal Mint is currently producing 1.5 billion new £1 coins at a rate of up to 2,000 each minute and three million in total every day.

As some of the new coins will be made from the old round pound, people in the South-East are being encouraged to spend or return their £1 coins so that they can be melted down and reused for the new coins.

The new 12-sided £1 coin will be the most secure coin in the world.

Its shape and composition make it very difficult to reproduce.

The coin also boasts several new security features, including a hologram and The Royal Mint’s specially developed High Security Feature, hidden within the coin and detectable at high speeds in banks and cash centres.

This will help in the battle against sophisticated counterfeits, which cost taxpayers and businesses millions every year.

Commercial Secretary to the Treasury, Baroness Neville Rolfe, said: “There is just one month to go before we introduce the first new one pound coin since 1983, and this is a historic moment for us all.

“The new £1 will be the most secure in the world, helping to tackle the scourge of counterfeits, and it is great to see that some of the old round pounds will be melted down and reused to make these.

“We are urging the public to dig out their rounds pounds from coat pockets, handbags and down the back of sofas, in order to spend or return them before 15 October.”

CEO and Deputy Master of The Royal Mint, Adam Lawrence, said: “Here at The Royal Mint, we’re very proud to have designed and manufactured the new 12-sided £1 coin.

“It’s been over 30 years since the old round pound was first introduced and it seems a fitting send off that many of the coins that are returned will be melted down and reused to make the new coins.”

For more information or if you have a question about the new £1 coin, please visit www.thenewpoundcoin.com or email newonepoundcoin@royalmint.com.